Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 1948-2018 passed July 23, 2018, authorized the City of Columbus (“CITY”) to enter into an Enterprise Zone Agreement (the “AGREEMENT”) with OBM HQ, LLC, FDP Investments I, LLC and FDP Investments II, LLC (collectively, and hereinafter referred to as “OWNER”) and CoverMyMeds LLC (the future office tenant) (hereinafter referred to as “ENTERPRISE”), for real property tax abatement of one-hundred percent (100%) for a period of fifteen (15) consecutive years in consideration of a proposed total capital investment of approximately $225,000,000.00 in real property improvements to construct a (i) new approximately 200,000 square-foot Class A office building, ancillary campus amenities and surface parking ("PHASE l") and subject to market conditions, construct second (ii) Class A office building of up to approximately 200,000 square feet along with one or more associated parking structures containing up to approximately 1,150 parking spaces at a later date ("PHASE 2"), (collectively, the building or buildings, related amenities, and parking structures that are actually constructed shall be referred to as the "PROJECT") with eighty-six (86) parcels shown in Attachment 1 of the AGREEMENT (referred to in Section 1 of the AGREEMENT as Exhibit B) located along McKinley Avenue west of North Hartford Avenue (the “PROJECT SITE”). Additionally, the ENTERPRISE committed to create one-thousand thirty-two (1,032) net new full-time permanent positions with an associated annual payroll of approximately $75,000,000.00, and the retain and relocate approximately five-hundred and ninety-two (592) existing full-time permanent positions with an associated annual payroll of approximately $43,162,000 at the PROJECT SITE within the City of Columbus and within the Columbus Central Enterprise Zone, to preserve or create employment opportunities within the Columbus Enterprise Zone. The AGREEMENT was made and entered into e...
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